Telecoms mixed; Qualcomm leads; Sprint PCS downgraded

WASHINGTON (CBS.MW) -- Qualcomm
QCOM, +0.48%
and Nextel Communications
nxtl
surged to top the telecom charts in Thursday action, while Sprint PCS
pcs
sank to the bottom after the stock was downgraded by Deutsche Bank. The brokerage said the stock's recent runup made it overvalued compared to rival carriers with better finances. Most other industry stocks, meanwhile, traded in a narrow range. Qualcomm was up 5.3 percent and Nextel 3.7 percent, the second straight day of solid gains for both. Sprint PCS shed 3.2 percent.

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